Why was Credit Suisse sold? Has the sale resolved concerns in the financial sector? Which other banks are coming under scrutiny? And why would a bank crisis make a recession more likely?
of its stock market value since the start of 2023, and more than 70% in the past 12 months. At the end of 2022, the bank issued a profit warning, announcing that clients had withdrawn billions of dollars in the fourth quarter.
While it’s difficult to predict if and when “another shoe could drop,” says Sweet, “it does seem to ease a lot of concerns that this is turning into a systemic event.” Regulatory backstops put in place after the financial crisis appear to be working as they should to prevent the same thing happening, he says. “The Fed’s doing exactly what they’re supposed to do. They’re being the lender of last resort.
“The tide is going out and exposing all of those that are swimming without a bathing suit,” says Sweet. “Any fissures in the economy or financial markets get exposed because of tighter monetary policy.” Fazzari also says that risky investment decisions by Silicon Valley Bank and Credit Suisse made them more susceptible to crisis as interest rates rose sharply and trust wobbled. “It seems like SVB and Credit Suisse kind of pushed the envelope here,” says Fazzari. “That interest rate risk that’s come to bite them is not a surprise.” Silicon Valley Bank’s holdings of U.S.
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